The House of Representatives has urged the Central Bank of Nigeria (CBN) to stop the implementation of the 0.5 percent cybersecurity levy on online transactions.
The lawmakers revealed this after a motion of urgent public importance was moved by the Minority Leader of the House, Kingsley Chinda, on Thursday and adopted by the lawmakers.
Chinda said the CBN was wrongly implementing the Cybercrime Act.
The House ordered the apex to withdraw the ambiguous circular and issue a new one that provides clarity.
The CBN on Monday said the implementation of the levy would begin two weeks from the day of its announcement. The circular was directed to all commercial, merchant, non-interest and payment service banks.
The apex bank said the directive is in line with the recent amendment to the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
